US stocks fall and bond yields jump ahead of speech from Fed chief Powell
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- US stocks fell Monday as bond yields continued to spike on expectations for more hawkish Fed moves.
- That followed Friday's blockbuster jobs report that raised fears over a tight labor market.
US stocks fell Monday as bond yields continued to rise on expectations for more hawkish moves from the Federal Reserve.
That followed Friday's blockbuster jobs report that raised fears the labor market remains tight, which would force the Fed to keep benchmark rates higher for longer to bring inflation back to its 2% target.
Meanwhile, iunvestors will be watching for remarks on Tuesday from Fed Chairman Jerome Powell, who will speak at the Economic Club of Washington.
Here's where US indexes stood at the 4 p.m. market close on Monday:
- S&P 500: 4,111.08, down 0.61%
- Dow Jones Industrial Average: 33,891.02, down 0.1% (34.99 points)
- Nasdaq Composite: 11,887.45, down 1%
Here's what else is happening today:
- OPEC+ may need to lift its oil output as China's reopening could kick up demand, said the IEA.
- Wharton professor Jeremy Siegel warned the strong US jobs report may be bad news for stocks.
- China's yuan will end US dollar dominance and create a bipolar currency system in the next decade, said 'Dr. Doom' Nouriel Roubini.
- Russia's oil and gas revenue crashed by nearly 50% at the start of 2023, leading to a wider budget deficit as Moscow's spending soars.
In commodities, bonds, and crypto:
- West Texas Intermediate crude rose 1.35% to $74.38 per barrel. Brent crude, the international benchmark, tacked on 1.63% to hit $81.24.
- Gold gained 0.15% to $1,879.50 per ounce.
- The 10-year Treasury yield jumped 10 basis points to 3.63%.
- Bitcoin ticked up 0.47% to $22.995.
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